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According to IEA, OPEC crude supply fell 225,000 bopd in July, while world oil supply gained 615,000 bpd, totaling 85.5 million bpd. This is 800,000 bpd higher (0.94%) than levels one year ago. IEA forecasts restricted supply in August and September due to outages in Alaska, Nigeria and Iraq, as well as heavier maintenance in the North Sea. World oil demand remains unchanged from last month at 84.8 million bpd. IEA predicts future oil prices will rise as a result of violence in Lebanon, Israel and Palestine, as well as Iran’s indications of using oil as a response to UN sanctions.
In the Gulf of Mexico, seven deepwater discoveries were made in 2006. The US Minerals Management Service expects the trend to continue.
In August, a Romanian-owned rig, the Orizont, was attacked by an Iranian warship, damaging a crane and cabins. The conflict arose from contractual disagreements.
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Houston, TX - November 4-5
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